Dynanonic(300769) 东吴证券·2024-04-24 09:31Investment Rating - The investment rating for the company is "Buy" [3][15]. Core Views - The company is expected to recover from losses in 2024, with a projected net profit of 1.8 billion yuan, and further growth anticipated in subsequent years, reaching 9 billion yuan by 2026 [15]. - The company has faced challenges due to a decline in sales and profitability in 2023, with a significant drop in revenue and net profit compared to the previous year [3][14]. - Despite the current downturn, the company is positioned as a leader in the lithium iron phosphate market, maintaining a competitive edge in the long term [15]. Financial Performance Summary - In 2023, the company reported total revenue of 16.973 billion yuan, a decrease of 24.76% year-on-year, and a net loss of 1.636 billion yuan, down 168.74% year-on-year [3][15]. - The gross margin for 2023 was 0.2%, reflecting a decline of 20 percentage points compared to the previous year, while the net margin was -12%, down 22 percentage points year-on-year [3]. - The company’s earnings per share (EPS) for 2023 was -5.86 yuan, with a projected EPS of 0.64 yuan in 2024 and 3.35 yuan in 2026 [15][20]. Production and Sales Outlook - The company’s production capacity is expected to reach 45,000 tons by mid-2024, with a forecasted sales volume of approximately 300,000 tons in 2024, representing a 38% increase year-on-year [2][3]. - The company has a high customer concentration, primarily serving leading firms such as CATL and BYD, with a significant portion of sales coming from energy storage applications [2][3]. Cash Flow and Asset Management - The company reported a significant increase in operating cash flow in 2023, amounting to 6 billion yuan, which is a 198% increase year-on-year [4]. - The total assets of the company are projected to grow from 20.735 billion yuan in 2023 to 29.301 billion yuan by 2026 [8][20].